Natural Gas Surges Almost 30% as Arctic Blast Grips Much of US

US natural gas continued to extend eye-popping gains, ending the day nearly 30% higher than Friday’s closing price as freezing weather sweeps across much of the country, boosting heating demand and disrupting supplies.

Front-month futures settled up 28.9%, or by $1.525, to $6.80 per million British thermal units, the highest closing price and the largest single-day gain since 2022. The February contract reached as high as $7.384 per million Btu in volatile intraday trading, a whopping 40% higher than the closing price on Friday. The more actively traded March contract settled up 8% to $3.898 per million Btu.